Hi, everybody. I'm Nikola Tangan, the CEO of the Norwegian Soin Wealth Fund, and today I'm here with Stan Rookin-Willer, a proper legend in the investment world.

Stan, what a pleasure to be here.

Happy to see you, Nikolai.

Now, what are the most important data you are looking at these days?

Currently?

Yeah.

Interestingly enough, I'm known as a macro investor, but I do our macro from the bottom up.

So we're listening primarily to companies.

And we're not seeing any material signs of weakness other than maybe in the housing market,

but that's from a very elevated price level.

So we're not seeing bottom-up information indicating to us

that there's an economic problem any time in the next three to six months.

I would also say, I'm revealing now that I'm more on the market animal than an economist,

that we look at financial conditions.

They've been very, very loose.

I mean, there is looser, looser than they were when the Fed actually started tightening.

They've tightened considerably in the last four or five weeks, ironically, ever since the Fed cut, because

the dollar has rallied and obviously interest rates have gone up, but they're still quite above

normal.

So that's pretty much the data we're looking at.

I'd say the other thing I'm focused on, I've been obsessed with whether we were in the 70s, really since 2021, when this whole inflationary episode started.

And I'm, I'd say two years ago, or a year and a half ago,

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